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2016 (10) TMI 257 - GUJARAT HIGH COURT

2016 (10) TMI 257 - GUJARAT HIGH COURT - TM - Scheme of Demerger embodied in the petition is sanctioned by this Court so as to be binding With effect from 1st April 2016 which is the appointed date, on the petitionerCompany and all their members and creditors and all other persons concerned pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956. - That the petitionerCompany shall Within 30 days after the date signing of this order or Within such other time as may be per .....

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her order for payment of ₹ 10,000 as costs in each of this petition awardable to Mr. Devang Vyas, learned Additional Solicitor General of India. - COMPANY PETITION NO. 85 of 2016 In COMPANY APPLICATION NO. 345 of 2015 - Dated:- 30-9-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MR SP MAJMUDAR, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, ADVOCATE with MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. This petition is filed by the Demerged Company for sanction of a Scheme of demerger involving the .....

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ent given by them and directions were issued for convening meeting of secured creditor of the company. It was further pointed out that accordingly the meeting of the only secured creditor, State Bank of India, was held and the secured creditor has given its consent. It has also been pointed out that the present petition was admitted by this Hon'ble Court vide order dated 25.4.2016 and hearing of the petition was advertised in Indian Express (English daily) and Divya Bhaskar (Gujarati daily), .....

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clearly disclosed the entire list of assets and liabilities which are proposed to be demerged and transferred to the resulting company. It has further been mentioned in the said affidavit that there are no complaints against the petitionerCompany. It has further been submitted that there are no other objections to the sanctioning of the scheme. 4. The petitionerCompany has filed its response to the affidavit of the Regional Director on 10.9.2016 by way of an affidavit. In this affidavit the Peti .....

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he list of the assets and liabilities to be transferred to the demerged undertaking 1 and demerged undertaking 2 as appearing in the audited balance sheet as on 31.3.2015 is also annexed as Annexure A in this affidavit. The petitioner company has filed another affidavit dated 24.09.2016 stating that tax liability, if any, would be discharged by the demerged company. 5. Having heard Mr. S P Majmudar the learned Advocate appearing for the petitioner Company and Mr.Kshitij Amin, learned Central Gov .....

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